Buyers get an assist close to home

To narrow the gap between home prices and working-class wages, Chicago is encouraging employers to participate in a home-buying assistance program.

As part of that outreach, Mayor Richard M. Daley last month hosted several employers -- University of Chicago, University of Chicago Medical Center, System Sensor and Charter One among them -- who take part in the Employer-Assisted Housing Program.

Each has developed a program to help employees buy homes near their jobs.

Besides community development, employers get other benefits from having workers nearby. "Employees who live near work form a stable workforce, and stable workforce is good for any employer," Housing Department commissioner, Ellen Sahli said.

As one example, the University of Chicago and Medical Center estimates that the median home price in Hyde Park is $278,500. A buyer generally would need to earn $80,389 to qualify for a mortgage for a home at that price. But the average salary for an administrative assistants, lab technicians and nurses is about $40,000.